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\begin{tabular*}{1.0\textwidth}{@{}l@{\extracolsep{\fill}} cc cc@{}}

\toprule

% Set up the first
 & 
 \multicolumn{4}{c}{Panel A: Fraction of stock holdings in industry} \\
 \cmidrule[0.5pt](l{0.5em} r{0.5em}){2-5} 

&
 \multicolumn{1}{c}{(1)} & 
 \multicolumn{1}{c}{(2)} & 
 \multicolumn{1}{c}{(3)} &
 \multicolumn{1}{c}{(4)} \\

 \cmidrule[0.25pt](l{0.5em} r{0.5em}){1-5} 

%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%

\addlinespace

\multicolumn{1}{l}{Bubble} &
  
$ 2.664^{***} $
&
  
$ 1.763^{***} $
&
  
$ 2.374^{***} $
&
  
$ 1.443^{***} $


\\
& 
  
($ 0.263 $)
&
  
($ 0.178 $)
&
  
($ 0.344 $)
&
  
($ 0.204 $)


\\

% CONTROLS
\addlinespace

\multicolumn{1}{l}{Controls} &
  \multicolumn{1}{c}{Yes} & 
  \multicolumn{1}{c}{Yes} &
  \multicolumn{1}{c}{Yes} &
  \multicolumn{1}{c}{Yes} \\


\multicolumn{1}{l}{Fixed Effects} &
  \multicolumn{1}{c}{No} & 
  \multicolumn{1}{c}{Industry} &
  \multicolumn{1}{c}{Date} &
  \multicolumn{1}{c}{Industry, Date} \\


%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%


%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
\addlinespace
\multicolumn{1}{l}{Observations} &
  
\multicolumn{1}{c}{1,449,114}
&
  
\multicolumn{1}{c}{1,449,114}
&
  
\multicolumn{1}{c}{1,449,114}
&
  
\multicolumn{1}{c}{1,449,114}


\\

%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
% \addlinespace
\multicolumn{1}{l}{$R^2$} &
  
 
$ 0.48 $
&
  
 
$ 0.56 $
&
  
 
$ 0.49 $
&
  
 
$ 0.56 $


\\


%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%

 \cmidrule[0.25pt](l{0.5em} r{0.5em}){1-5} 

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% Set up the first
 & 
 \multicolumn{4}{c}{Panel B: Fraction of stock holdings by institution type} \\
 \cmidrule[0.5pt](l{0.5em} r{0.5em}){2-5} 

&
 \multicolumn{1}{c}{(1)} & 
 \multicolumn{1}{c}{(2)} & 
 \multicolumn{1}{c}{(3)} &
 \multicolumn{1}{c}{(4)} \\

 \cmidrule[0.25pt](l{0.5em} r{0.5em}){1-5} 

%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%

\addlinespace

\multicolumn{1}{l}{Bubble x Banks} &
  
$ 1.872^{***} $
&
  
$ 1.182^{***} $
&
  
$ 1.988^{***} $
&
  
$ 0.973^{***} $


\\
& 
  
($ 0.382 $)
&
  
($ 0.286 $)
&
  
($ 0.472 $)
&
  
($ 0.327 $)


\\

%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
\multicolumn{1}{l}{Bubble x Insurance} &
  
$ 2.475^{***} $
&
  
$ 1.868^{***} $
&
  
$ 2.437^{***} $
&
  
$ 1.622^{***} $


\\
& 
  
($ 0.483 $)
&
  
($ 0.393 $)
&
  
($ 0.611 $)
&
  
($ 0.460 $)


\\

%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
\multicolumn{1}{l}{Bubble x Inv. Advisers} &
  
$ 5.108^{***} $
&
  
$ 3.948^{***} $
&
  
$ 4.366^{***} $
&
  
$ 3.428^{***} $


\\
& 
  
($ 0.449 $)
&
  
($ 0.480 $)
&
  
($ 0.346 $)
&
  
($ 0.418 $)


\\

%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
\multicolumn{1}{l}{Bubble x Mutual Funds} &
  
$ 1.071^{**} $
&
  
$ 0.289^{} $
&
  
$ 0.803^{} $
&
  
$ -0.048^{} $


\\
& 
  
($ 0.464 $)
&
  
($ 0.319 $)
&
  
($ 0.568 $)
&
  
($ 0.378 $)


\\

%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
\multicolumn{1}{l}{Bubble x Pension Funds} &
  
$ 1.007^{} $
&
  
$ 0.267^{} $
&
  
$ 0.711^{} $
&
  
$ -0.053^{} $


\\
& 
  
($ 0.856 $)
&
  
($ 0.763 $)
&
  
($ 0.972 $)
&
  
($ 0.834 $)


\\


% CONTROLS
\addlinespace


\multicolumn{1}{l}{Controls} &
  \multicolumn{1}{c}{Yes} & 
  \multicolumn{1}{c}{Yes} &
  \multicolumn{1}{c}{Yes} &
  \multicolumn{1}{c}{Yes} \\


\multicolumn{1}{l}{Fixed Effects} &
  \multicolumn{1}{c}{No} & 
  \multicolumn{1}{c}{Industry} &
  \multicolumn{1}{c}{Date} &
  \multicolumn{1}{c}{Industry, Date} \\


%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%


%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
\addlinespace
\multicolumn{1}{l}{Observations} &
  
\multicolumn{1}{c}{1,449,114}
&
  
\multicolumn{1}{c}{1,449,114}
&
  
\multicolumn{1}{c}{1,449,114}
&
  
\multicolumn{1}{c}{1,449,114}


\\

%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
% \addlinespace
\multicolumn{1}{l}{$R^2$} &
  
 
$ 0.49 $
&
  
 
$ 0.56 $
&
  
 
$ 0.49 $
&
  
 
$ 0.56 $


\\


\bottomrule

\end{tabular*}
